Sentences with phrase «allowable deduction under»
After all, the maximum allowable deduction under Section 80C is Rs 1.5 lacs.
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any business involving the production or extraction of products of a character with respect to a which a deduction is allowable under Section 613 or 613A; and
The maximum allowable Tax deduction under this section is Rs 1.5 Lakh.
(ii) is complementary to a general sales tax, but only if a deduction is allowable under this paragraph with respect to items sold at retail in the taxing jurisdiction which are similar to such item.
For the most part, an individual may claim those deductions allowable as itemized deductions under the Internal Revenue Code.
For example, if you have deductions that would be allowable under Australian tax laws.
(1) estimated itemized deductions allowable under chapter 1 (other than the deductions referred to in section 151 and other than the deductions required to be taken into account in determining adjusted gross income under section 62 (a)(other than paragraph (10) thereof)-RRB-,
Under a special allowance extended through 2011, a deduction is limited for most individuals by 50 % of the contribution base over the amount of all other allowable charitable contributions for the tax year, with a maximum carryforward of 15 years.
'' (3) Any amount deducted from gross income under section 164 of the Code as state, local, or foreign income tax or tax, as state or local general sales tax tax, or as qualified motor vehicle tax to the extent that the taxpayer's total itemized deductions deducted under the Code for the taxable year exceed the standard deduction allowable to the taxpayer under the Code reduced by the amount the taxpayer is required to add to taxable income under subdivision (4) of this subsection.subsection (a2) of this section.»
-- The amount allowable as a deduction under this chapter for any expense for food or beverages shall not exceed 50 percent of the amount of such expense which would (but for this paragraph) be allowable as a deduction under this chapter.».
Any amount payable under this paragraph shall be taken into account in computing the amount of any deduction allowable to the taxpayer for interest paid or accrued during such taxable year.